Sirius XM will join the ranks of Apple, Starbucks and other prestigious companies, as it will become a member of the NASDAQ 100 as of July 15, said NASDAQ late Friday.
Demian Russian at Satellite Radio Playground noted, “Funds which invest in the NASDAQ 100 group of companies will now be ‘forced’ to buy Sirius XM Radio’s stock as they track the index.”
He adds, “While this should be viewed as a positive, it is also important to be cognizant of the fact that Sirius XM Radio will now be more attached to the broader market as well. While Sirius XM now has the potential to more directly benefit from bullish sentiment in the broader market, and the NASDAQ 100 Index in particular, the company’s stock also now has the potential to be more directly affected by negative sentiment surrounding the market and the NASDAQ 100 Index as well.”
Read the full Satellite Radio Playground story here.
Source: Satellite Radio Playground